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Lazard Confirms Retention By Greece, Denies Restructuring Mandate

Tyler Durden's picture




 

Ok, so Lazard has 1) confirmed it has been retained by Greece but 2) denied it would be facilitating a restructuring. One wonders what the firm, which exclusively specializes in advisory and M&A could be doing with the bankrupt company: distressed island M&A does come to mind. And ostensibly that activity does not fall under the "restructuring" assignment umbrella. Perhaps Lazard can disclose the terms of their engagement letter with G-Pap: we are confident that in keeping with Lazard's sincere denial, is there any mention of fee-generation associated with x% of outstanding debt restructured or new identification of new equity investors in Greece. Market News broke the news citing blog Zero Hedge. Thanks to Market News we are now painfully aware we are in dire need of a proof-reader.

From Market News:

PARIS (MNI) - Lazard & Co. Tuesday confirmed that it has been hired by the Greek government but indicated that a restructuring of Greek debt is not on the table.

"Lazard confirms that it has been hired to assist the Greek authorities. It is to be noted that a restructuring of Greek debt has
never been an option to be considered," the financial advisory company said in a short written statement.

A spokeswoman for the Greek Finance Ministry in Athens said, "we haven't hired them for restructuring advice."

EuroWeek magazine first reported last Friday that Greece had hired Lazard, saying it was for a "potential restructuring."

Zero Hedge, which cited the EuroWeek article, noted that "Lazard is also no stranger to sovereign reorganization, having worked with Nicaragua, Ecuador and Ivory Coast on various restructuring assignments."

Recently, with Greece already in a full-blown crisis, Lazard hired Wall Street legend Felix Rohatyn, whose most famous credits include restructuring the debt of New York City in the 1970s.

"The recent retention of Rohatyn just when Greece was imploding maybe have been clutch for Lazard," Zero Hedge wrote.

 

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Tue, 05/04/2010 - 08:04 | 330450 Illya Kuryakin
Illya Kuryakin's picture

It's FUBAR then.

Tue, 05/04/2010 - 08:04 | 330451 Cookie
Cookie's picture

Would love to apply for the proof reading job!

Tue, 05/04/2010 - 08:12 | 330458 The Alarmist
The Alarmist's picture

"We just like spending time with bankers! Nothing to see here. Now move along."

Tue, 05/04/2010 - 08:27 | 330477 Tipo anónimo
Tipo anónimo's picture

C'mon  - you've needed a proof reader since the beginning.  Doggone cat won't stay  in   bag  !

Tue, 05/04/2010 - 08:40 | 330489 Grand Supercycle
Grand Supercycle's picture

 

Currently, SP500 futures indicate the March 2009 bear market rally may be ending. 

We should get confirmation this week.

MARKET UPDATES:
http://www.zerohedge.com/forum/latest-market-outlook-0

Tue, 05/04/2010 - 08:52 | 330511 Richard Weed
Richard Weed's picture

Bull market is intact until the yield curve inverts at yield levels above where the 10-yr is trading now... think 2yr at 4.60 and 10yr at 4.50... right now, we are still in the sweet spot for stocks... maybe we are at the midpoint in time of a multi-year bull mkt... right now, we just need a 5-10% shakeout to get rid of the turkeys who jumped on the bandwagon duing the last 6 weeks.... then multi-year bull mkt can resume.

Tue, 05/04/2010 - 10:32 | 330707 Arm
Arm's picture

Do you really need a technical indicator to tell you the rally ended once you have near certainty on the bankruptcy of the worlds second richest nation (about 20% of world GDP)

Tue, 05/04/2010 - 08:42 | 330496 Richard Weed
Richard Weed's picture

A spokeswoman for the Greek Finance Ministry in Athens said, "we haven't hired them for restructuring advice."

Don't believe anything until it has been officially denied... Lazard is the logical choice for restructuring... they have had plenty of experience in this field during the past 2 years... think Lehman, Bear, WaMu, ML (maybe)... others...?

Tue, 05/04/2010 - 08:46 | 330506 mchawe
mchawe's picture

You can go much further back than that. Lazards were involved in the German reconstruction after the 1st World War. The restructuring resulted the payment of "reparations". The director involved was Bob Brand of "Lord Milner's Kindergarten" fame. He was in S. Africa around the turn of the 20th Century with Philip Kerr also of the Kindergarten, presumably to ensure the gold and diamond wealth did not "fall in to the wrong hands !"

Tue, 05/04/2010 - 08:57 | 330522 MsCreant
MsCreant's picture

Gold climbing just now...

Tue, 05/04/2010 - 09:14 | 330552 Carl Spackler
Carl Spackler's picture

"we haven't hired them for restructuring advice."

Yeah, right.  Then why bother to hire them?

You cannot afford them, unless you do a restructuring.

Tue, 05/04/2010 - 09:32 | 330585 Mercury
Mercury's picture

The Greeks should consider it a bad sign if Turkey in turn retains the services of Goldman's M&A team. More alarming still,  The Turks might rely on their own in-house specialist: http://en.wikipedia.org/wiki/%C4%B0lker_Ba%C5%9Fbu%C4%9F

 

Tue, 05/04/2010 - 09:36 | 330598 JimboJammer
JimboJammer's picture

Get  out  of  Stocks  and  paper  assets..  the  next  car  bomb  in 

New  York  City  will  go  off ..  in  front  of  the  Goldman  Sachs  Building..

Pakistan   is  pissed ,  Iran  is  Pissed ,  does  any-one  remember

Oaklahoma  City..... ?   call  up  Monex  and  buy  Silver...

Get  out  of  D. C.   /   New  York 

Tue, 05/04/2010 - 12:54 | 331036 BlackBeard
BlackBeard's picture

Don't judge people by what they say.  Judge them by what the do.

Tue, 05/04/2010 - 12:59 | 331051 Grand Supercycle
Grand Supercycle's picture

 

The impending USD rally I've warned about since 2009 has arrived.  It may last for some time too ...

MARKET UPDATES:
http://www.zerohedge.com/forum/latest-market-outlook-0

Tue, 05/04/2010 - 19:08 | 331714 Buck Johnson
Buck Johnson's picture

They are restructuring big time. 

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